AN ACT RELATING TO TAXATION -- TAX ON GAINS FROM THE SALE OR EXCHANGE OF REAL PROPERTY

Summary

The bill adds a new tax on the profit made when real estate is sold or exchanged in Rhode Island. It applies to most transactions but excludes sales by certain nonprofits, government entities, family farm transfers, conservation, and affordable‑housing deals, among others. The tax rate varies by how long the seller owned the property and the size of the gain.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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